Seattle

Earlier this year, we covered part of The Schuster Group’s activity in the Seattle multifamily market, when the vertically integrated real estate company announced the sale of its Joseph Arnold Lofts, and the focus of its attention on a similar project in the proximity of that asset, the Walton Lofts. The developer broke ground on the project in February 2014, and has now announced that the project has been topped off, with an opening set for next summer.

A Class A five-building industrial asset recently traded hands in the Pacific Northwest as a sovereign wealth fund that is advised by KBS Realty Advisors paid around $30 million for a property in the Eastside industrial market. The Park at Woodinville is a warehouse and light-manufacturing infill project that was sold by Colony Realty Partners. The deal was arranged on behalf of the seller by Rick Putnam and Tom Abbott of Colliers International.

This week it was reported that a development site in downtown Seattle’s Denny Triangle traded hands for a fee of $14.32 million. The site includes two adjacent parcels listed as 1820 Terry Avenue and 1007 Stewart Street, a total of 20,760 square feet of land in one of the most coveted areas in the city. The site is the current home of an apartment building, an attached commercial building with two tenants and a parking lot. The seller, Williamsburg Court LLC, traded the property at a per square foot rate of approximately $690.

While the city of Seattle has held the spotlight in terms of residential deals, records seem to be falling elsewhere in King County. The current per-unit record fee in South King County was recently shattered as the 140-unit Belvedere Apartments community was acquired by Prime Residential for $28 million, or $200,000 per unit.

Arbor Creek, a large multifamily property in Beaverton, OR recently traded hands. The new owner is Jackson Square Properties, an entity that acquired the residential asset from seller Holland Partner Group in a transaction that was arranged by commercial real estate and capital markets service provider Holiday Fenoglio Fowler. The HFF investment sales team that arranged the deal was led by director Ira Virden and associate director Kerry Hughes. Financial terms of the agreement were not released.

The latest affordable housing project by Compass Housing Alliance is ready for its official opening this month. The developer’s new Compass on Dexter affordable community is targeting formerly homeless and low-income households in order to provide permanent living arrangements. The Compass on Dexter development project is located in the bustling Seattle neighborhood of South Lake Union, one of the primary areas that have created growth for the local multifamily market in recent years.

A rental condominium property in Kenmore, WA is the latest asset to become part of JB Matteson’s shopping spree on the West Coast. The San Mateo, CA-based private real estate investment manager recently acquired the Northshore Townhomes from seller Grosvenor Americas USA for a fee of $22.1 million. The property is the third multifamily asset acquired by the company during the past few years, joining the Langara Apartments in Issaquah and the Greenhouse Apartments in Seattle. The transaction was arranged by a CBRE team.

The Seattle arts scene is set to be expanded as a new performing arts center is ready for an upcoming opening. The Studios Center for the Performing Arts is the result of the work carried out by Ryan Waite and Shanna Waite, a Seattle-based couple with an interest in the area. The two are set to open the doors of the brand new facility at 1801 Fifth Avenue in a century-old building next month.